One consequence for defaulting on loan is to have your wages garnished means acceleration.
The consequences that can occur when you default on any type of loan. The whole unpaid balance of the loan, including unpaid interest, becomes due. This means as “acceleration.” You lose the ability to get a forbearance or deferment. Your wages may be garnished to repay the loan you defaulted on.
The impact of defaulting on a business loan varies, depending on whether it’s unsecured or secured. Some business loans also come with an accelerated balance once you enter into default.
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